Refund from respective authorities is not either income or expense of business & profession so why its included in credit side of profit and loss a/c as per form 3CD point 13 sub clause (b)
3 Replies
Madhusudan Kabra
(knowledge seeker)
(1779 Points)
Replied 09 September 2009
form 3CD point 13 sub clause (b) "amount of any refund not credited to P &L only "
Read this clause care fully
Madhusudan Kabra
MAYANK GUGLANI
(CA )
(124 Points)
Replied 09 September 2009
i have readed that point several times and it states that IF THIS INCOME IS NOT CREDITED TO P/L A/c THEN SHOW IT HERE
Madhusudan Kabra
(knowledge seeker)
(1779 Points)
Replied 10 September 2009
this type of recipet is not credited in P& \L a/c so that is why we show it here ......
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